There are many financial and non-financial benefits of homeownership, and the greatest financial one is   wealth creation . states Mike Eastwood Author and Chief Executive Officer of West USA Realty of Prescott  Homeownership has always been the first rung on the ladder that leads to forming household wealth. As   Freddie Mac   explains : “Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.” Odeta Kushi,  Deputy Chief Economist  at  First American , also  notes : “The wealth-building power of homeownership shows that home is not only where your heart is, but also where your wealth is…For the majority of househol...

  Today’s   homebuyers   are faced with a strong   sellers’ market , which means there are a lot of active buyers competing for a relatively low number of available homes states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the homebuying process. 1. Listen to Your Real Estate Advisor An  article  from  Freddie Mac  gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers: “Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.” A real estate professi...

  Spring is almost here, and many are wondering what it will bring for the housing market states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Even though the pandemic continues, it’s certain to be very different from the spring we experienced at this time last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season. Danielle Hale,  Chief Economist ,  realtor.com : “Despite early weakness,  we expect to see new listings grow in March and April as they traditionally do heading into spring , and last year’s extraordinarily low new listings comparison point will mean year over year gains.  One other potential bright spot for would-be homebuyers, new construction , which has risen at a year over year pace of 20% or more for the last few months,  will provide additional for-sale inventory relief .” Ali Wolf,  Chief Economist, Zonda : “Some people will feel comfortable listing th...

  Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic states Mike Eastwood Chief Executive Officer of West USA Realty of Prescott. Instead,   real estate had one of its best years ever . Home sales and prices were both up substantially over the year before. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, we’re now headed for another crash. However,  there are many reasons this real estate market is nothing like 2008 . Here are six visuals to show the dramatic differences. 1. Mortgage standards are nothing like they were back then. During the housing bubble, it was difficult  not  to get a mortgage. Today, it’s tough to qualify. Recently, the  Urban Institute  released their latest  Housing Credit Availability Index  (HCAI) which “ measures the percentage of owner-occupied home p...